Key New Jersey real estate terms include attorney review (a three-business-day period for legal review of contracts), closing costs (fees paid by buyers/sellers), and escrow (funds held by a third party). Crucial terms include property taxes (assessed value), commission, title insurance, and inspections, which protect buyers and define the closing process.

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• Attorney Review: In New Jersey, a three-business-day period after signing a contract where either party's attorney can review, approve, or disapprove the contract.
• Closing Costs: Fees paid at the end of the transaction, such as attorney fees, title insurance, and transfer taxes, which are in addition to the purchase price.
• Escrow: An account managed by a third party to hold funds (like earnest money) until all contract conditions are met.
• Assessment/Assessed Value: The official value placed on a property by the municipality for tax purposes.
• Conveyance: The formal transfer of a property title from the seller to the buyer.
• Mortgage: A long-term loan used to purchase property, with the property serving as collateral.
• Amortization Period: The total time (e.g., 30 years) required to pay off a mortgage in full.
• Appraisal: An expert calculation of a property's market value, often required by lenders.
• Title Insurance: Protects the buyer and lender against future disputes over property ownership.
• Adjustable Rate Mortgage (ARM): A loan where the interest rate can change based on a set index.